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Eugen E. Slutsky (Ukr: Євген Євгенович Слуцький) (April 7, 1880, Ukraine - March 10, 1948) was an early-twentieth-century Ukrainian-Russian/Soviet mathematical statistician, economist and political economist. April 7 is the 97th day of the year in the Gregorian calendar (98th in leap years). ...
1880 (MDCCCLXXX) was a leap year starting on Thursday (see link for calendar). ...
March 10 is the 69th day of the year in the Gregorian Calendar (70th in leap years). ...
1948 (MCMXLVIII) was a leap year starting on Thursday (the link is to a full 1948 calendar). ...
Soviet redirects here. ...
For Wikipedia statistics, see m:Statistics Statistics is the science and practice of developing human knowledge through the use of empirical data expressed in quantitative form. ...
An economist is an individual who studies, develops, and applies theories and concepts from economics, and writes about economic policy. ...
Political economy was the original term for the study of production and the relationships of buying and selling and their relationship to laws, customs and government. ...
Slutsky's work in economics
He is principally known for work in deriving the relationships embodied in the very well-known Slutsky equation which is widely used in microeconomic consumer theory for separating the substitution effect and the income effect of a price change on the total quantity of a good demanded following a price change in that good, or in a related good that may have a cross-price effect on the original good quantity. There are many Slutsky analogs in producer theory. The Slutsky Equation (or Slutsky Identity) relates Marshallian demand and Hicksian demand. ...
Microeconomics is the study of the economic behaviour of individual consumers, firms, and industries and the distribution of production and income among them. ...
Consumer theory is a theory of economics. ...
The theory of the firm consists of a number of economic theories which describe the nature of the firm (company or corporation), including its behaviour and its relationship with the market. ...
He is less well known by Western economists than some of his contemporaries, due to his own changing intellectual interests as well as external factors forced upon him after the Bolshevik Revolution in 1917. His seminal paper in Economics, and some argue his last paper in Economics rather than probability theory, was published in 1915 (Sulla teoria del bilancio del consumatore). Paul Samuelson noted that until 1936, he had been entirely unaware of Slutsky's 1915 "masterpiece" due to World War I and the paper's Italian language publication. R. G. D. Allen did the most to propagate Slutsky's work on consumer theory in published papers in 1936 and 1950. The October Revolution, also known as the Bolshevik Revolution, was the second phase of the Russian Revolution, the first having been instigated by the events around the February Revolution. ...
Paul Anthony Samuelson Paul A. Samuelson (born May 15, 1915, in Gary, Indiana) is an American economist known for his work in many fields of economics. ...
Combatants Allied Powers: British Empire French Empire Italy Russian Empire Kingdom of Serbia United States Central Powers: Austria-Hungary Bulgaria German Empire Ottoman Empire Commanders Douglas Haig Sir John Jellicoe Ferdinand Foch Nikolay II Nikolay Yudenich Radomir Putnik Woodrow Wilson John Pershing Wilhelm II Reinhard Scheer Franz Josef I Oskar...
Sir Roy George Douglas Allen, CBE, FBA (1906 - 1983) was a British economist and mathematician. ...
Vincent Barnett argues:
- "A good case can be made for the notion that Slutsky is the most famous of all Russian economists, even more well-known [than] N. D. Kondratiev, L. V. Kantorovich, or M. I. Tugan-Baranovsky. There are eponymous concepts such as the Slutsky equation, the Slutsky diamond, the Slutsky matrix, and the Slutsky-Yule effect, and a journals-literature search conducted on his name for the years 1980-1995 yielded seventy-nine articles directly using some aspect of Slutsky’s work... Moreover, many microeconomics textbooks contain prominent mention of Slutsky’s contribution to the theory of consumer behavior, most notably the Slutsky equation, christened by John Hicks as the ‘Fundamental Equation of Value Theory'. Slutsky’s work is thus an integral part of contemporary mainstream economics and econometrics, a claim that cannot really be made by any other Soviet economist, perhaps even by any other Russian economist." (Barnett, 2004)
In the 1920s Slutsky turned to working on probability theory and stochastic processes, but in 1927 he published his second famous article on economic theory, 'The Summation of Random Causes as a Source of Cyclical Processes'. This opened up a new approach to business cycle theory by hypothesising that the interaction of chance events could generate periodicity when none existed initially. Nikolai Dmitriyevich Kondratiev (1892-1938) was a Russian economist. ...
Leonid V. Kantorovich. ...
Mikhail Tugan-Baranovsky (1865-1919) is a noted Ukrainian economist. ...
Sir John Richard Hicks (April 8, 1904 – May 20, 1989) was one of the most important and influential economists of the twentieth century. ...
Econometrics literally means economic measurement. It is a combination of mathematical economics and statistics. ...
Mathematical statistics work Slutsky's later work was principally in probability theory and the theory of stochastic processes. He is generally credited for the result known as Slutsky's theorem. Probability theory is the mathematical study of probability. ...
In the mathematics of probability, a stochastic process can be thought of as a random function. ...
Slutskys theorem is a fundamental result in probability theory attributed to Eugen Slutsky. ...
References - Barnett, Vincent (2004). "E. E. Slutsky: Mathematical Statistician, Economist, and Political Economist?". Journal of the History of Economic Thought 26 (1): 5-18;.
- Slutsky, E. E. (1915). "Sulla teoria del bilancio del consumatore". Giornale degli Economisti 51 (July): 1-26;.
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